The Shareholders Foundation announces that an investigation on behalf of current long-term investors in shares of Intercept Pharmaceuticals Inc (NASDAQ:ICPT) shares was launched over potential breaches of fiduciary duties by certain Intercept Pharmaceuticals officers and directors.
Investors who purchased shares of Intercept Pharmaceuticals Inc (NASDAQ:ICPT) and currently hold any of those Intercept Pharmaceuticals shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
The investigation by a law firm concerns whether certain Intercept Pharmaceuticals Inc officers and directors breached their fiduciary duties and caused damage to the company and its shareholders.
On January 9, 2014, Intercept Pharmaceuticals announced that the FLINT clinical trial study of obeticholic acid (OCA) was stopped early for efficacy after a planned interim analysis showed the primary endpoint had been met. OCA is being developed by Intercept for the treatment of nonalcoholic steatohepatitis. On this news announcement, shares of Intercept Pharmaceuticals increased over 500% over the next two trading sessions.
After the market close on Friday, January 10, 2014, The Wall Street Journal issued a report via a statement made by the National Institutes of Health stating that patients treated with Intercept’s OCA in the clinical trial experienced “lipid abnormalities,” higher levels of “bad” LDL cholesterol and lowers levels of “good” HDL cholesterol, compared to patients treated with placebo.
On Sunday, January 12, 2014, Intercept Pharmaceuticals made an announcement providing additional details of the OCA study including the lipid abnormalities disclosed in The Wall Street Journal report. In midday trading on Tuesday, January 14, 2014, the stock has traded down as much as $210.83 or 47% since the announcement made on Sunday.
In February 2014 a lawsuit was filed against Intercept Pharmaceuticals Inc (NASDAQ:ICPT) over alleged violations of Federal Securities Laws. The plaintiff claimed that on January 9, 2014 and January 10, 2014, Intercept Pharmaceuticals Inc announced that its Phase 2 trial of OCA for the treatment of NASH had been stopped early for efficacy based on an interim analysis that showed that the efficacy endpoint of the trial had been met and that as a result of the Company’s announcements, Intercept Pharmaceuticals Inc’s stock price skyrocketed from a January 8, 2014 close of $72.39 per share to a January 10, 2014 close of $445.83 per share.
On March 20, 2015, NASDAQ:ICPT shares closed at $290.98 per share.
Those who purchased shares of Intercept Pharmaceuticals Inc (NASDAQ:ICPT) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com